Improve Your Financial Situation in 2020

Ready to make 2020 YOUR year to finally get your finances under control? If you’re ready to get out from under debt and start living a life you truly love, then we have a few tips to help you along. Here are 20 ways to help you improve your finances in 2020:

1. Know what your debt is. Stop digging your head in the sand and ignoring the mountain of debt you have. When you know the number, you can start to set goals for how much you will pay off by when.
2. Know your deadlines. When are different payments due each month on your loans? If you find you have way too many loans to keep track of, debt consolidation might be a great option for you!
3. Know your rates. Do you know the interest rates on all of your debt? If you don’t, go find out so that you have an idea of how much interest you will be paying. Could you refinance any of these loans for lower rates? If you don’t know the rates, you can’t make these decisions.
4. Set goals. Set goals for how much debt you want to conquer each month or each quarter. Do the math to see when you’ll have paid off each debt if you stick to your goals. Just make sure you’re realistic with your own lifestyle, income, and ability to stick to goals.
5. Make a budget. Write out what you need and want within a given month and create a budget for yourself. The simple act of writing things out can help you identify things you are spending money on that you don’t need. That money could be going to paying off debt instead!
6. Read your credit card statements each month. Those who know what they spend money on, can be more aware when they are at a checkout counter.
7. Shift your mindset. When you’re dealing with debt, it can feel overwhelming. Instead focus on the long game, where you can live a life of freedom and purpose when you aren’t controlled by a ton of debt.
8. Look inside. Be introspective and do the hard work fo asking yourself how you got to this point with your debt. Is there an underlying issue you need to address? Sometimes the path to financial freedom starts by looking inside first.
9. Educate yourself. There are some amazing podcasts and books on financial health. A simple search for “finance” at your library or on a podcast app will open up a ton to listen to. The more you focus on ways to improve your finances, the more you will be able to evaluate your own life.
10. Crowdsource. You can be polite about a lot of personal financial information while still asking friends and family about how they save money. Do they do things or have specific habits that help them save and pay off debt faster? Ask your friends.
11. Talk to a credit counselor. Credit counseling can be an amazing resource if you are feeling overwhelmed about debt and not sure what is your best option. They can help you identify if debt settlement, debt consolidation, or even bankruptcy is an option for you.
12. Look at subscriptions. Are you subscribed to certain things like apps, tv streaming, food services, etc. that you are no longer using or even needing? Take some time to see what you’re spending money on.
13. Stop procrastinating. The time to get out of debt is now. There’s no need to spend another year drowning in debt.
14. Maximize benefits. Do you have a 401k matching program or HSA account? Your employer may offer employee benefits that also help you make wise financial decisions for your future AND help you save a little money in the meantime.
15. Have a no-spend weekend. Try going a period of time where you don’t spend money at all. Can you go a whole weekend without buying a single thing? What about going a whole month without buying anything but essentials (food, toiletries)?
16. Sell unnecessary items. Do you have things in your life you aren’t using, but could be sold for cash? It’s a win-win by decluttering and getting more money in your pocket for your stuff.
17. Revisit your goals. The more you think about your goals, the more likely you are to stick with them. Check in from time to time to see if you are on track.
18. Celebrate small wins. Find ways to celebrate that don’t require spending more money, but also help you celebrate making wise decisions, paying off big chunks of debt, or some other milestone!
19. Get help. Debt is confusing, so if you are feeling overwhelmed, don’t feel like you have to do this alone. Find a company like DebtQuest to help you manage your debt situation.
20. Picture your debt-free life. Visualize what you want your life to look like. Make a vision board or something where you can revisit this dream. That dream of debt-free living is not impossible and we’d love to help you get there!